FXStreet (Córdoba) – GBP/CHF accelerated the decline today and dropped toward 1.4600; at the beginning of the month it was trading around 1.5500. Today while the pound is the worst performer in the currency market, the Swiss franc shows resilience.
The pair is losing more than 150 pips on Tuesday so far and is posting losses for the eight day in a row. The pound has been moving with a downside bias since the beginning of the month. When it started November, it rose to 1.5550 but then reversed sharply and since then it has been falling, on the back of a weak pound.
GBP/CHF testing 1.4600 and October lows
Today the pair bottomed at 1.4598, the lowest level since October 13. So far price has been able to hold above 1.4600, that is the immediate support to take into account, the next could be seen at 1.4535 (October lows).
The slide of the pound pushed the price to dropped below the 200-day MA that stands at 1.4765. GBP/CHF could post the first daily close under the mentioned MA since July.
(Market News Provided by FXstreet)